Amcor’s premium Matrix paper-based and paraffin-free cheese packaging receives a Silver award at the 2020 Packaging Innovation Awards sponsored by Dow. This innovation of providing the right breathable barrier for soft cheese while removing paraffin has transformed a non-recyclable packaging material into a cheese wrap that can be recycled in the paper stream. Michael Zacka, President Amcor Flexibles EMEA, said: “Matrix’s breakthrough paraffin-free technology brings soft cheese packaging into the circular economy and we are pleased it has been recognised with a prestigious Dow award. Matrix is another move in the right direction for sustainability combined with performance – offering cheese manufacturers improved flavour control and recyclability.”
Fourth Quarter Results Include (all results compared to the fourth quarter 2020 unless otherwise noted)(1):
*Net income of $104.5 million or $1.74 per diluted Class A share compared to net income of $44.4 million or $0.74 per diluted Class A share. Net income, excluding the impact of adjustments(2), of $115.4 million or $1.93 per diluted Class A share compared to net income, excluding the impact of adjustments, of $46.4 million or $0.78 per diluted Class A share. Adjusted EBITDA(3) increased by $56.8 million to $211.3 million.
*Net cash provided by operating activities decreased by $63.1 million to $137.3 million. Adjusted free cash flow(4) decreased by $79.1 million to $94.8 million primarily as a result of inflationary raw material costs.
*Total debt decreased by $261.4 million to $2,225.6 million. Net debt(5) decreased by $280.1 million to $2,101.0 million and decreased by $66.8 million sequentially from the third quarter of 2021. The Company’s leverage ratio(6) decreased to 2.49x compared to 3.66x, within our targeted leverage ratio range of 2.0x – 2.5x.
Fiscal Year Results Include (all results compared to the fiscal year 2020 unless otherwise noted):
*Net income of $390.7 million or $6.54 per diluted Class A share compared to net income of $108.8 million or $1.83 per diluted Class A share. Net income, excluding the impact of adjustments, of $334.5 million or $5.60 per diluted Class A share compared to net income, excluding the impact of adjustments, of $190.9 million or $3.22 per diluted Class A share. Adjusted EBITDA increased by $121.6 million to $764.2 million.
*Net cash provided by operating activities decreased by $58.7 million to $396.0 million. Adjusted free cash flow decreased by $72.1 million to $274.1 million.
*The Company paid $105.8 million in cash dividends to stockholders in fiscal 2021.
Pete Watson, Greif’s President and Chief Executive Officer, commented: “The global Greif team delivered exceptional results in fiscal 2021 and overcame significant external challenges to deliver record net sales and profits for the full fiscal year,” said Pete Watson, Greif’s President and Chief Executive Officer. “In addition, we advanced our financial priorities, increasing our dividend and reaching our targeted leverage ratio range, while making notable progress on our ESG journey. Looking ahead, we remain well-positioned to provide differentiated packaging solutions that generate value for our customers and shareholders.”
more at: https://www.greif.com/about-greif/news/news/article/greif-reports-fourth-quarter-and-fiscal-2021-results